The decision clears the way for Afexa Life Sciences (TSX:FXA) to be purchased in a friendly $88-million takeover of the Edmonton company by Valeant Pharmaceuticals International (TSX:VRX) of Mississauga, Ont.

In a separate announcement Wednesday, Labopharm (TSX:DDS) said it and Gruppo Angelini have restructured their drug-commercialization partnership.

Angelini will gain the exclusive licence and rights to commercialize the antidepressant Oleptro in the United States, Canada and other countries.

In return, Labopharm will receive a royalty on product sales.

Under its new partnership agreement with Angelini, Labopharm will receive a five per cent royalty on sales of Oleptro in Canada and other countries where the drug has received regulatory approval

In the United States, the five per cent royalty will be paid on Oleptro sales above US$10 million in a calendar quarter.

Oleptro is a once-daily form of the antidepressant trazodone.

In connection with the new partnership agreement, Angelini has acquired Labopharm’s half interest in the joint venture Angelini Labopharm, LLC.